The company remains in a pre-revenue phase, reporting an operating loss of $11.9 million in 2025Q3 while utilizing $4.4 million in stock-based compensation to manage talent costs.
Cassava Sciences, Inc. (SAVA) annual income statement — 26-year revenue, gross profit & net income history
| Metric | TTM | Dec'24 | Dec'23 | Dec'22 | Dec'21 | Dec'20 | Dec'19 | Dec'18 | Dec'17 | Dec'16 | Dec'15 | Dec'14 | Dec'13 | Dec'12 | Dec'11 | Dec'10 | Dec'09 | Dec'08 | Dec'07 | Dec'06 | Dec'05 | Dec'04 | Dec'03 | Dec'02 | Dec'01 | Dec'00 | Dec'99 |
|---|
| Sales/Revenue | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 41.12M | 10.89M | 11.48M | 16.81M | 20.56M | 63.73M | 65.98M | 53.92M | 5.08M | 0 | 0 | 114K | 0 | 0 | 0 |
| Revenue Growth % | - | - | - | - | - | - | - | - | - | - | - | -100% | 277.58% | -5.17% | -31.68% | -18.26% | -67.73% | -3.42% | 22.38% | 961.38% | - | - | -100% | - | - | - | - |
| Cost of Goods Sold | 39.51M | 0 | 89.42M | 68.03M | 0 | 3.05M | 1.57M | 69K | 68K | 58K | 45K | 7.31K | 4.92K | 7.61K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | -6.16M | -1.54M |
| COGS % of Revenue | - | - | - | - | - | - | - | - | - | - | - | - | 0.01% | 0.07% | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Gross Profit | -39.51M | 0 | -89.42M | -68.03M | 0 | -3.05M | -1.57M | -69K | -68K | -58K | -45K | -7.31K | 41.11M | 10.88M | 11.48M | 16.81M | 20.56M | 63.73M | 65.98M | 53.92M | 5.08M | 0 | 0 | 114K | 0 | 6.16M | 1.54M |
| Gross Margin % | - | - | - | - | - | - | - | - | - | - | - | - | 99.99% | 99.93% | 100% | 100% | 100% | 100% | 100% | 100% | 100% | - | - | 100% | - | - | - |
| Gross Profit Growth % | - | 100% | -31.44% | - | 100% | -94.71% | -2172.46% | -1.47% | -17.24% | -28.89% | -515.93% | -100.02% | 277.8% | -5.24% | -31.68% | -18.26% | -67.73% | -3.42% | 22.38% | 961.38% | - | - | -100% | - | -100% | 300.12% | - |
| Operating Expenses | 71.81M | 141.45M | 16.53M | 11.99M | 32.87M | 3.39M | 3.39M | 6.66M | 11.95M | 14.96M | 14.2M | 12.43M | 9.75M | 14.79M | 15M | 30.51M | 27.32M | 55.01M | 55.81M | 54.47M | 37.8M | 38.96M | 22.25M | -16.92M | 17.31M | 26.46M | 6.2M |
| OpEx % of Revenue | - | - | - | - | - | - | - | - | - | - | - | - | 23.72% | 135.79% | 130.6% | 181.52% | 132.85% | 86.33% | 84.59% | 101.03% | 744.04% | - | - | -14841.23% | - | - | - |
| Selling, General & Admin | 25.54M | 71.81M | 16.53M | 11.99M | 8.05M | 3.74M | 3.39M | 3.69M | 4.33M | 5.78M | 5.1M | 5.13M | 4.84M | 7.18M | 6.7M | 14.77M | 6.26M | 9.2M | 8.09M | 7.67M | 4.86M | 3.87M | 3.34M | 5.52M | 5.65M | 7.71M | 2.57M |
| SG&A % of Revenue | - | - | - | - | - | - | - | - | - | - | - | - | 11.76% | 65.95% | 58.32% | 87.85% | 30.43% | 14.43% | 12.25% | 14.22% | 95.65% | - | - | 4844.74% | - | - | - |
| Research & Development | 43.27M | 69.64M | 89.42M | 68.93M | 24.81M | 7.25M | 6.3M | 2.97M | 7.62M | 9.18M | 9.1M | 7.31M | 4.92M | 7.61M | 8.3M | 15.75M | 21.06M | 45.82M | 47.73M | 46.8M | 32.94M | 35.09M | 18.91M | 11.4M | 11.67M | 12.6M | 2.09M |
| R&D % of Revenue | - | - | - | - | - | - | - | - | - | - | - | - | 11.96% | 69.83% | 72.27% | 93.68% | 102.41% | 71.9% | 72.34% | 86.8% | 648.39% | - | - | 9996.49% | - | - | - |
| Other Operating Expenses | -1000K | 0 | -89.42M | -68.93M | 0 | -7.6M | -6.3M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | -33.84M | 0 | 6.16M | 1.54M |
| Operating Income | -111.33M | -141.45M | -105.96M | -80.02M | -32.87M | -6.45M | -4.96M | -6.66M | -11.95M | -14.96M | -14.2M | -12.43M | 31.36M | -3.9M | -3.51M | -13.7M | -6.75M | 8.71M | 10.17M | -553K | -32.72M | -38.96M | -22.25M | 16.92M | -17.31M | -20.3M | -4.66M |
| Operating Margin % | - | - | - | - | - | - | - | - | - | - | - | - | 76.28% | -35.79% | -30.6% | -81.52% | -32.85% | 13.67% | 15.41% | -1.03% | -644.04% | - | - | 14841.23% | - | - | - |
| Operating Income Growth % | - | -33.49% | -32.41% | -143.46% | -409.9% | -29.99% | 25.56% | 44.25% | 20.11% | -5.32% | -14.23% | -139.64% | 904.85% | -10.9% | 74.36% | -102.89% | -177.53% | -14.33% | 1938.88% | 98.31% | 16.03% | -75.1% | -231.51% | 197.71% | 14.73% | -335.78% | - |
| EBITDA | -110.43M | -140.31M | -104.43M | -78.72M | -32.33M | -6.42M | -4.9M | -6.59M | -11.88M | -14.9M | -14.16M | -12.42M | 31.47M | -3.77M | -3.35M | -13.47M | -6.5M | 9.16M | 10.53M | -26.41M | -32.35M | -38.58M | -21.91M | 17.27M | -15.87M | -14.15M | -3.12M |
| EBITDA Margin % | - | - | - | - | - | - | - | - | - | - | - | - | 76.54% | -34.66% | -29.18% | -80.14% | -31.6% | 14.38% | 15.95% | -48.98% | -636.79% | - | - | 15147.37% | - | - | - |
| EBITDA Growth % | 17.3% | -34.37% | -32.66% | -143.46% | -403.33% | -31.08% | 25.66% | 44.51% | 20.26% | -5.24% | -14% | -139.46% | 933.67% | -12.65% | 75.12% | -107.34% | -170.9% | -12.93% | 139.85% | 18.36% | 16.15% | -76.07% | -226.88% | 208.8% | -12.19% | -353.36% | - |
| D&A (Non-Cash Add-back) | 898K | 1.13M | 1.53M | 1.3M | 534K | 22K | 58K | 69K | 68K | 58K | 45K | 15K | 106K | 122K | 163K | 232K | 257K | 452K | 356K | -25.86M | 368K | 383K | 341K | 349K | 1.44M | 6.16M | 1.54M |
| EBIT | -66.07M | -142.28M | -105.96M | -80.02M | -32.87M | -6.79M | -4.96M | -6.56M | -11.91M | -14.85M | -14.14M | -12.39M | 31.36M | -3.9M | -3.51M | -13.7M | -6.75M | 8.71M | 10.17M | -553K | -32.72M | -37.78M | 0 | 0 | -17.31M | -20.3M | -4.66M |
| Net Interest Income | 5.45M | 8.51M | 7.83M | 2.78M | 49K | 112K | 328K | 0 | 0 | 0 | 0 | 0 | 106K | 451K | 901K | 1.68M | 1.78M | 6.02M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Interest Income | 5.45M | 8.51M | 7.83M | 2.78M | 49K | 112K | 328K | 105K | 38K | 107K | 57K | 47K | 106K | 451K | 901K | 1.68M | 1.78M | 6.02M | 0 | 0 | 0 | 0 | 634K | 0 | 0 | 0 | 0 |
| Interest Expense | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Income/Expense | 5.29M | 117.1M | 8.74M | 3.77M | 483K | 112K | 328K | 105K | 38K | 107K | 57K | 47K | 106K | 451K | 901K | 1.68M | 1.78M | 6.02M | 10.14M | 9.67M | 2.05M | 1.19M | 634K | -32.84M | 2.98M | 2.83M | 160.69K |
| Pretax Income | -106.03M | -24.34M | -97.22M | -76.25M | -32.38M | -6.33M | -4.63M | -6.56M | -11.91M | -14.85M | -14.14M | -12.39M | 31.47M | -3.45M | -2.61M | -12.02M | -4.98M | 14.73M | 20.3M | 9.12M | -30.67M | -37.78M | -21.62M | -15.93M | -14.34M | -17.48M | -4.5M |
| Pretax Margin % | - | - | - | - | - | - | - | - | - | - | - | - | 76.54% | -31.64% | -22.75% | -71.53% | -24.2% | 23.11% | 30.77% | 16.91% | -603.74% | - | - | -13969.3% | - | - | - |
| Income Tax | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | -38K | -107K | -57K | -47K | -73K | 0 | 0 | 0 | -1.51M | -617K | 0 | 2.93M | 0 | 0 | 0 | 0 | 800 | 800 | 800 |
| Effective Tax Rate % | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0.32% | 0.72% | 0.4% | 0.38% | -0.23% | 0% | 0% | 0% | 30.34% | -4.19% | 0% | 32.11% | 0% | 0% | 0% | 0% | -0.01% | -0% | -0.02% |
| Net Income | -106.03M | -24.34M | -97.22M | -76.25M | -32.38M | -6.33M | -4.63M | -6.56M | -11.91M | -14.85M | -14.14M | -12.39M | 31.54M | -3.45M | -2.61M | -12.02M | -3.47M | 15.35M | 20.3M | 6.19M | -30.67M | -37.78M | -21.62M | -15.93M | -14.34M | -17.48M | -4.5M |
| Net Margin % | - | - | - | - | - | - | - | - | - | - | - | - | 76.71% | -31.64% | -22.75% | -71.53% | -16.86% | 24.08% | 30.77% | 11.48% | -603.74% | - | - | -13969.3% | - | - | - |
| Net Income Growth % | -500.27% | 74.96% | -27.5% | -135.44% | -411.29% | -36.77% | 29.37% | 44.95% | 19.79% | -4.98% | -14.2% | -139.27% | 1015.38% | -31.88% | 78.27% | -246.78% | -122.59% | -24.42% | 228.14% | 120.18% | 18.81% | -74.75% | -35.74% | -11.07% | 17.98% | -288.48% | - |
| Net Income (Continuing) | -106.03M | -24.34M | -97.22M | -76.25M | -32.38M | -6.33M | -4.63M | -6.56M | -11.91M | -14.85M | -14.14M | -12.39M | 31.54M | -3.45M | -2.61M | -12.02M | -3.47M | 15.35M | 20.3M | 6.19M | -30.67M | -37.78M | -21.62M | -15.93M | -14.34M | -17.48M | -4.5M |
| Discontinued Operations | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Minority Interest | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| EPS (Diluted) | -2.20 | -0.52 | -2.32 | -1.80 | -0.81 | -0.22 | -0.24 | -0.61 | -1.82 | -2.28 | -2.16 | -1.92 | 4.90 | -0.54 | -0.41 | -1.97 | -0.58 | 2.45 | 3.08 | 0.98 | -4.90 | -7.10 | -5.13 | -4.12 | -3.96 | -5.01 | -0.09 |
| EPS Growth % | -58.7% | 77.59% | -28.89% | -122.22% | -268.18% | 8.33% | 60.66% | 66.48% | 20.18% | -5.56% | -12.5% | -139.18% | 1007.41% | -31.71% | 79.19% | -239.66% | -123.67% | -20.45% | 214.29% | 120% | 30.99% | -38.4% | -24.51% | -4.04% | 20.96% | -5218.47% | - |
| EPS (Basic) | - | -0.53 | -2.32 | -1.80 | -0.81 | -0.22 | -0.24 | -0.61 | -1.82 | -2.28 | -2.16 | -1.92 | 4.90 | -0.54 | -0.41 | -1.97 | -0.58 | 2.52 | 3.22 | 0.98 | -4.90 | -7.10 | -5.13 | -4.12 | -3.96 | -5.01 | -0.09 |
| Diluted Shares Outstanding | 48.29M | 46.6M | 41.93M | 40.2M | 39.41M | 26.11M | 17.41M | 10.68M | 6.54M | 6.52M | 6.54M | 6.47M | 6.46M | 6.39M | 6.31M | 6.09M | 6.02M | 6.27M | 6.53M | 6.5M | 6.26M | 5.32M | 4.21M | 3.86M | 3.62M | 3.49M | 47.79M |
| Basic Shares Outstanding | 48.29M | 46.33M | 41.93M | 40.2M | 39.41M | 26.11M | 17.41M | 10.68M | 6.54M | 6.52M | 6.54M | 6.47M | 6.43M | 6.39M | 6.31M | 6.09M | 6.02M | 6.04M | 6.31M | 6.31M | 6.26M | 5.32M | 4.21M | 3.86M | 3.62M | 3.49M | 47.79M |
| Dividend Payout Ratio | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
Quick answers to the most common questions about buying SAVA stock.
For fiscal year 2024, Cassava Sciences, Inc. (SAVA) reported total revenue of $0.0M.
Cassava Sciences, Inc. (SAVA) reported a net loss of $24.3M for the fiscal year ending 2024.
Key Metrics
Top Statement Risk
Clinical trial binary outcome
R&D Intensity Drives Cash Outflow
As indicated by the company's recent financial disclosures, Cassava Sciences continues to prioritize R&D spending, which reached $4.0 million in 2025Q3, reflecting the ongoing capital-intensive nature of late-stage clinical trials required to advance the Simufilam program toward potential regulatory milestones and future commercialization readiness.
The company's cost structure remains dominated by clinical trial expenditures, which are inherently volatile and dependent on patient enrollment milestones. Investors should note that the absence of commercial revenue necessitates a disciplined approach to these expenses to preserve the remaining cash runway.
Stock-Based Compensation Masks Operational Costs
Based on the provided income statement data, Cassava Sciences reported $4.4 million in stock-based compensation for 2025Q3, a figure that warrants close scrutiny as it represents a significant non-cash expense used to retain talent while the company remains in a pre-revenue, cash-burning developmental phase.
The reliance on equity-based incentives suggests management is attempting to conserve cash, yet this practice dilutes existing shareholders and obscures the true economic cost of operations. Analysts should monitor whether these compensation levels remain sustainable if the clinical trial timeline experiences further delays.
Operating Leverage Remains Non-Existent
According to the latest quarterly filings, Cassava Sciences continues to operate without revenue, resulting in an operating loss of $11.9 million in 2025Q3, which underscores the company's total dependence on external financing to fund its ongoing research and administrative overhead during this critical development period.
The lack of operating leverage is expected for a clinical-stage biotech, but the persistent quarterly losses highlight the high-risk nature of the business model. Future scalability will depend entirely on the successful transition from a research-focused entity to a commercial organization, a shift that remains highly speculative.
Regulatory Scrutiny and Financial Sustainability
As reported in financial statements, the company's net loss of $10.8 million in 2025Q3, combined with ongoing federal investigations, creates a challenging narrative for investors who must weigh the potential for clinical success against the risk of regulatory rejection and the necessity for future dilutive capital raises.
Short-sellers may focus on the potential for the company to exhaust its cash reserves before achieving a definitive clinical readout. The combination of legal contingencies and the high cost of trial management suggests that the company's financial position remains precarious until a clear path to market is established.